Urstadt Biddle: Fiscal Q1 Earnings Snapshot

March 11, 2022 GMT

GREENWICH, Conn. (AP) _ Urstadt Biddle Properties Inc. (UBA) on Friday reported a key measure of profitability in its fiscal first quarter. The results fell short of Wall Street expectations.

The real estate investment trust, based in Greenwich, Connecticut, said it had funds from operations of $12.9 million, or 33 cents per share, in the period.

The average estimate of three analysts surveyed by Zacks Investment Research was for funds from operations of 37 cents per share.

Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.

The company said it had net income of $5.4 million, or 14 cents per share.

The commercial real estate investment trust, based in Greenwich, Connecticut, posted revenue of $35.6 million in the period, surpassing Street forecasts. Three analysts surveyed by Zacks expected $35.3 million.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on UBA at https://www.zacks.com/ap/UBA